Analyst Kevin Steinke from Barrington reiterated a Hold rating on Heidrick & Struggles and increased the price target to $59.00 from $56.00.
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Kevin Steinke has given his Hold rating due to a combination of factors surrounding Heidrick & Struggles’ recent agreement to be acquired by a consortium of investors. The acquisition deal, valued at approximately $1.3 billion or $59 per share, offers a premium over the company’s recent trading prices, leading to a revision of the investment rating to Market Perform.
The decision to rate the stock as Hold reflects the stock’s current price being close to the acquisition offer, suggesting limited upside potential. Additionally, the high likelihood of the transaction closing further supports this rating. The transition to private ownership is expected to enhance equity participation and drive growth, but the immediate impact on stock performance is constrained by the acquisition terms.
In another report released on October 7, Truist Financial also maintained a Hold rating on the stock with a $59.00 price target.